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EQUITY RESEARCH
Presented by Andrei ZakharovDecember 2018
QUANT ALGORITHMS
Disclaimer
This brochure is confidential, is for informational purposes only, and is intended solely for the person to whom it is delivered. It may not be reproduced,
photocopied or disseminated to any other person without the express prior written consent of Algosun Global Limited. This brochure does not constitute or form
part of an offer to sell, or the solicitation of an offer or invitation to purchase, any securities or other products and services. Any financial or other advice should
be sought by the recipient as the recipient deems appropriate. This information is not intended to provide, and should not be relied upon for, accounting, legal, or
tax advice or investment recommendation. You should consult your tax, legal, and accounting or other advisors about the issues discussed herein and you shall
be responsible for evaluating the risks and merits involved in the products and services which are the subject of this brochure. The descriptions contained herein
are a summary of certain proposed terms and are not intended to be complete. Material terms of the Transaction are subject to change prior to the
consummation of the Transaction.
There can be no assurance, nor is there any guarantee (implied or otherwise) that any examples or illustrations of contained in this brochure will be met, or that
any opinions contained in this brochure related to such illustrations are correct and no reliance should be placed on such opinions. In addition. any investment
may entail additional investment risks, which will be set out in greater detail. Certain information in this brochure has been obtained from sources that are
believed to be reliable. However, such information may be incorrect, incomplete, or condensed; Algosun Global Limited does not guarantee its accuracy. The
information contained herein is believed to be accurate in all respects, but no representation or warranty, expressed or implied, as to its fairness, correctness,
accuracy or completeness is made by any party and no reliance may be placed on such information. Nothing contained herein should be relied upon as a promise
or representation as to the future. None of Algosun Global Limited, their respective members, directors, officers, employees, agents or representatives nor any
other person accepts any obligation or responsibility to advise any person of changes in the information set forth herein after the date hereof.
To the extent permitted by law, none of Algosun Global Limited, their respective members, directors, officers, employees, agents, shareholders, partners or
representatives nor any other person accepts any liability whatsoever for any losses howsoever arising from any use of or reliance on this brochure or otherwise
arising in connection therewith. All material contained herein is for discussion purposes only. Final terms and conditions may change without notice and are
subject to further discussions and negotiations. The information contained in this brochure does not identify all the risks associated with the products and
services described herein. The information contained herein may vary significantly from that provided by other sources. None of Algosun Global Limited, their
respective members, directors, officer, employees, shareholders, partners or representatives nor any other person is making or will make any representation to
any prospective investor in the Transaction regarding the legality of an investment by any such person in the Transaction.
2For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Why Algosun Global Limited?
⚫ We Are Independent Research Provider
⚫ We Offer Services on a Subscription Basis
⚫ We Provide Access to Analysts and Researchers
⚫ We Are Innovative and Rely on Algorithms
⚫ We Cover New Growing Emerging Sectors
⚫ We Run a Model Long/Short Equity Portfolios
⚫ Free of Any Conflict of Interest From Banking
3For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Key Facts
Founded: 2016
Team: Director of Research, Head of Algo Research Quant Solutions, Chief Technology Officer, Editor-in-Chief, Designer, Office Manager
Combined years of analytics experience: 15 years
Highlights: Algo Signals, Model L/S Portfolios, Analyst Access
Office: Limassol, Republic of Cyprus
Distribution Platforms: FactSet, RSRCHXchange, Alphametry
4For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Meet the Team
Founded in 2016 by the team of successful equity analysts and quant researchers,Algosun Global Limited is innovative independent equity research firm, which is headquartered inLimassol.
Andrei Zakharov is Director of Research at Algosun Global Limited. He co-founded Algosun Global Limited in 2016.His daily focus is research and development, team leadership and developing innovative complex financialproducts and solutions. Prior to Algosun Global Limited, Andrei has spent over ten years in the industry andworked for leading banks Citigroup, Morgan Stanley and Swiss-based wealth management boutique until 2015. Hisinterests include buy-side fundamental and quant research with focus on Clean Tech, Oil & Gas and Financials.Andrei Zakharov holds a Bachelor’s Degree in Finance and Valuation from the Finance University under theGovernment of the Russian Federation. His global career taught him respect for various cultures, how to leveragecapabilities of teams and work reliably.
Andrei ZakharovDirector of Research and Co-Founder of Algosun Global Limited
5For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Meet the Team
Alexander Akatov is Chief Technology Officer at
Algosun Global Limited. He runs a small team of
quant developers and programmers responsible for
Algosun’s infrastructure development. Much of the
framework relating to important company’s
functions has been designed by Alexander and his
team. This includes IT infrastructure, automated
processes, data analysis tools, algorithms, computer
systems and developing integrated innovative
platform. Prior to joining Algosun Global, Alexander
Akatov spent 2 years working for investment
company with focus on systematic market-neutral
strategies and was previously an IT Head at wealth
management boutique until 2015. Alexander is
open-minded CTO with successful IT project track
records in such countries as Switzerland, United
Kingdom, Latvia and Cyprus.
Alexander AkatovChief Technology Officer
Alexander Tikhonov is Head of Algo Research Quant
Solutions at Algosun Global Limited. His primary
focus is on implementing sophisticated algorithms,
back-testing new strategies, driving ideas in all areas
of model portfolios based on systematic approach
and applying proprietary indicators for stocks under
research coverage. His current interests include
quant analysis, statistical modelling and assigning
stock ratings for covered stocks. Alexander has
spent over 10 years in the investment management
industry implementing and managing algorithmic
strategy research and was previously a senior
equity/derivatives trader at leading commercial
banks in Moscow, Russia. Alexander Tikhonov holds
a Bachelor’s Degree in Finance from the Finance
University under the Government of the Russian
Federation.
Alexander TikhonovHead of Algo Research Quant Solutions
6For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Meet the Team
Natalie Namlieva is the Office Manager at Algosun
Global Limited. She manages all aspects of the
production of research publications until the final
editing and distribution stage. Natalie is also
responsible for the day-to-day office management,
ensuring the business runs smoothly and also
assisting Directors with the implementation of
various systems and processes. Natalie joined
Algosun Global Limited in 2017. She has
background in consumer banking operations, cash
management and administrative support for
executive management at various financial
institutions in Eastern Europe. Natalie obtained a
diploma in Economics and Management at one of
the leading universities in Ukraine in 2012.
Natalie NamlievaOffice Manager
Dmitry Ovchinnikov is the Editor-in-Chief, Designer at
Algosun Global Limited. He works alongside with
equity analysts and quant researchers to visualize
data behind the stock ratings. Through graphics,
videos and animations he brings a visual element to
our research reports, integrated platform, white
papers, presentations and value-added insights.
Dmitry is also responsible for visualisation,
illustration and design of marketing materials and
social media content. His additional responsibilities
are editing and publishing research reports, client
communications, working with Directors,
Compliance and website maintenance. Dmitry is
promising creative Designer with respectable
background at financial technology companies in
Switzerland, Cyprus and Russia.
Dmitry OvchinnikovEditor-in-Chief, Designer
7For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Office
ALGOSUN GLOBAL LIMITED ARCH. MAKARIOU III, 155OFFICE 302/3RD FLOOR3026, LIMASSOL CYPRUS
8For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
What We Do
Algosun Global Limited offers diversified range of consulting, research, markets analysis and dataservices focusing coverage on the Clean Technology and Renewable Energy public companies.
SMARTINFOGRAPHICS
VISUALIZATION
FINANCIAL MODELLING
FUNDAMENTALRESEARCH
ALGORITHMICMODELS
QUANTRESEARCH
STOCK RATING/TARGET PRICE
INVESTMENT IDEA
Solar Parks
Rooftop Solar
EV Battery Factory
Wind Farms
9For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
What We Offer
We greatly appreciate our subscribers and pleased to announce «Quantamental», «Fundamental»and «Quant++» subscriptions with Algosun Global Limited depending on specific requirements and investment purposes. Our coverage universe includes 25 public companies from the Renewable Energy and Clean Technology sectors.
FUNDAMENTAL QUANT++ QUANTAMENTAL
€4k / year (5 users) €4k / year (5 users) €5k / year (5 users)
Flash NotesAlgosun WeeklyQuarterly Earnings NotesAlgosun Bullish CallAlgosun Bearish CallInitiating Coverage ReportIndustry Notes
Flash NotesAlgosun WeeklyQuarterly Earnings NotesAlgosun Bullish CallAlgosun Bearish CallInitiating Coverage ReportIndustry Notes
Flash NotesAlgosun WeeklyQuarterly Earnings NotesAlgosun Bullish CallAlgosun Bearish CallInitiating Coverage ReportIndustry Notes
+ Analyst Access + Algo Signals Access + Analyst Access+ Algo Signals Access+ Model L/S Portfolio Access
10For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Coverage Universe
Algosun Global Limited is innovative independent equity research firm, incorporated under the Companies Law. Cap. 113 as a Limited Liability Company on the 11th of October, 2016 registration no. HE 361043. We are free of any conflict of interest from investment banking or trading pressure on research content and stock ratings.
⚫ First Solar. Inc.
⚫ SunPower Corporation
⚫ Canadian Solar. Inc.
⚫ Jinko Solar Holdings Co.
⚫ NIO Inc.
⚫ BYD Company Limited
⚫ TerraForm Power. Inc.
⚫ Sunrun Inc.
⚫ SolarEdge Technologies. Inc.
⚫ Vivint Solar. Inc.
⚫ Enphase Energy. Inc.
⚫ Plug Power Inc.
⚫ Tesla Inc.
⚫ FuelCell Energy. Inc.
⚫ Wacker Chemie AG
⚫ Vestas Wind Systems
⚫ Nordex SE
⚫ Siemens Gamesa RE
⚫ GCL-Poly Energy Holdings
⚫ Daqo New Energy Group
⚫ REC Silicon ASA
⚫ Pattern Energy Group. Inc.
⚫ Shunfeng Clean Energy Limited
⚫ Iberdrola SA.
11For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Stocks Under Coverage
12For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Market Cap Breakdown, $Bn
7,3
1,10,6
0,4
1,0
1,7
0,61,0
2,3
0,40,7
0,3 0,10,5
1,8
14,5
10,6
1,1
8,3
0,5
2,9
0,50,20
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Company Market Cap. $Bn
Tesla Inc. 52.5
Iberdrola SA 48.3
Vestas Wind Systems A/S 14.5
Siemens Gamesa RE, S.A 11.4
Wacker Chemie AG 9.2
First Solar Inc. 7.2
SolarEdge Technologies Inc. 2.5
GCL-Poly Energy Holdings Ltd. 2.2
Pattern Energy Group, Inc. 1.8
TerraForm Power Inc. 1.7
SunPower Corporation 1.2
Nordex SE 1.1
8Point3 Energy Partners LP 1.0
Sunrun Inc. 1.0
Canadian Solar Inc. 0.9
Jinko Solar Holding Co. Ltd. 0.7
Meyer Burger Technology 0.6
Daqo New Energy Group 0.6
Enphase Energy, Inc. 0.5
Vivint Solar Inc. 0.5
Plug Power Inc. 0.4
REC Silicon ASA 0.4
JA Solar Holdings Co. Ltd. 0.3
Fuel Cell Energy, Inc. 0.2
Shunfeng Clean Energy 0.2
as of May, 10th 2018 Note: excluding Tesla Inc. and Iberdrola S.A.
13For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Currencies ETFs Stock Indexes Equities Commodities
Euro (EUR) Index S&P 500 Apple Oil
Dollar (USD) CommodityNASDAQ Composite
Exxon Mobil
Gold
Yen (JPY) Inverse Dow Jones Twitter Natural Gas
Renminbi (CNY)
ActivelyManaged
STOXX Europe 600
Snapchat Copper
Real (BRL) Industry Hang Seng Alibaba Coffee
Turkish Lira(TRY)
Foreign Market
IBOVESPA Tesla Sugar
Algo Signals Coverage Universe
14
We expanded our Algo Signals coverage universe and now working with broad range of such asset classes as currencies, ETFs, stock indexes, equities, commodities and cryptocurrencies. Both subscriptions «Quant++» and «Quantamental» provide access to Algo Signals.
For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Professional Investors
Algosun Global Limited does not deal with Retail Clients or any person that is not «Professional Client» or «Institutional Client». We do not enter into any contractual agreements with Retail Clients for the Products and Services.
Insurance Companies
Mutual FundsPrivate Banks
Asset Managers Pension FundsHedge Funds
Prop-Trading Houses
Brokers
Investment Advisors
Private Equity
Family Offices Wealth Advisors
MediaHNWIUHNWI
15For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Our Products
We offer a range of high quality products and services under Annual Subscription. Flash Notes, Algosun Weekly, Quarterly Earnings Notes, Algosun Bullish Call, Algosun Bearish Call, Initiating Coverage Report and Industry Notes.
Flash Notes is the product which contains brief tactical ideas,
corporate actions, major developments and event-driven analysis prepared by Director of Research.
Algosun Weekly is the product which allows individual users to get access to equity analysts’/quant researchers’ commentaries in respect of industry news, events and flows of corporate information
Quarterly Earnings Notes is the product offered by the Company which provides
brief analysis of quarterly earnings and preview notes with according conclusions and expectations prepared by
analysts and researchers.
Algosun Bullish Call Algosun Bearish Call are the products which provide access to electronic distribution of Research prepared by Director of Research and its
Team. Bullish Call is the report, where the Company assumes that business of the public company under research coverage is undervalued. Bearish Call is the report, where the Company assumes that business of the public company
under research coverage is overvalued.
Initiating Coverage Report is the product which starts initiating coverage on the public company, including stock rating, price
target, business valuation, strategy, financial, quant analysis, outlook and risk factors.
16For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
In-House Research Process
Fundamental & Macro Research
Quant Research
Assigning Stock Ratings
DCF ApproachEV/EBITDA Multiple ApproachDividend Discount ModelSum Of The Parts (SOTP)
Statistical ModellingData AnalysisBack-Testing
Algorithmic SignalsComputer SystemsTiming & Stock Ratings
We are free of any conflict of interest from trading pressure on research content and stock ratings
We exclusively apply algorithmic signals to assign stock ratings for public
companies under research coverage
17For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Algorithmic Signals
AMI BROKER
1Exporting data from IQ FEED to technical
analysis tool AMI BROKER
2• stock selection• correcting files• back testing
3
Setting up on line connection with Trading Terminal, linkage to APIAMI BROKER
5API connection.
Algo Code is integrated with AMI BROKER
4
Exporting real time data from Trade Work Station
to AMI BROKER
AMI BROKER
6• algorithmic signals• stock ratings• timing, entry/exit points
7
18For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Our Services
Algosun Global Limited professional services include Analyst Access, Algorithmic Signals and Equity Model Long/Short Portfolio Access. Algosun Bullish and Bearish Call Reports with Initiating Coverage Reports are fully supported by Director of Research via phone conversations and electronic mail.
Analyst AccessDirector of Research is dedicated to Clients, you can interact and benefit from his exclusive insights
Incoming calls
Electronic mail
Presentations Ideas
19For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Distribution Channels
factset.com
Aug 09, 2018 Limassol, Cyprus
Algosun Global Limited makes Clean Tech
research available via FactSet Network.
Algosun Global Limited, independent equity
research provider focused on Clean Tech &
Renewables equity and quantitative research,
today announced that they have made their
research available via the Factset Network.
FactSet Research Systems Inc. (NYSE: FDS) is
a leading provider of financial data to
Institutional and Corporate professionals
around the world. More than 1,800 sell side
firms and research providers contribute their
Company, Sector and Market Research to
FactSet Network. Over 88,000 subscribers can
view data from FactSet's desktop analytics,
mobile applications and comprehensive data
feeds. Processing 2 million estimates per week,
FactSet Network covers 22,986 companies
worldwide.
rsrchxchange.com
June 27, 2018Limassol, Cyprus
Algosun Global Limited to Offer Equity and
Quantitative Research Via RSRCHXchange.
Algosun Global Limited, independent equity
research provider performing fundamental and
quantitative research and applying in-house
algorithmic models with the latest
advancements in computer science, is pleased
to announce its partnership with London-based
FinTech company RSRCHXchange. Research
Exchange Limited is a FinTech company
servicing more than 1,200 asset management
firms and over 370 banks, brokers and
independent research providers with a
marketplace for buying and selling research,
and an advanced platform for managing
consumption. RSRCHXchange is continuously
improving the user experience around research
consumption and distribution and remain a
technology-led company which helps firms stay
ahead of MiFID II unbundling requirements.
alphametry.com
June 20, 2018Limassol, Cyprus
Algosun Global Limited is pleased to announce
cooperation with Paris-based Alphametry.
Algosun Global Limited, independent equity
research provider focused on Clean Tech &
Renewables equity and quantitative research,
today announced that they have made their
research available via new generation and
discovery platform Alphametry. Founded in
Paris in 2014, Alphametry has built a
community of 650 registered users, of which
roughly half are asset managers, wealth
managers, family offices and hedge funds, and
half are banks and independent research
providers. In addition to bringing together
buyers and sellers of research, Alphametry also
offers a research management service that
allows portfolio managers to centralize,
organize and evaluate their research.
20For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Publications 2018 publications overview
21For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Our Sources
22For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Disclaimer
This brochure is confidential, is for informational purposes only, and is intended solely for the person to whom it is delivered. It may not be reproduced,
photocopied or disseminated to any other person without the express prior written consent of Algosun Global Limited. This brochure does not constitute or form
part of an offer to sell, or the solicitation of an offer or invitation to purchase, any securities or other products and services. Any financial or other advice should
be sought by the recipient as the recipient deems appropriate. This information is not intended to provide, and should not be relied upon for, accounting, legal, or
tax advice or investment recommendation. You should consult your tax, legal, and accounting or other advisors about the issues discussed herein and you shall
be responsible for evaluating the risks and merits involved in the products and services which are the subject of this brochure. The descriptions contained herein
are a summary of certain proposed terms and are not intended to be complete. Material terms of the Transaction are subject to change prior to the
consummation of the Transaction.
There can be no assurance, nor is there any guarantee (implied or otherwise) that any examples or illustrations of contained in this brochure will be met, or that
any opinions contained in this brochure related to such illustrations are correct and no reliance should be placed on such opinions. In addition. any investment
may entail additional investment risks, which will be set out in greater detail. Certain information in this brochure has been obtained from sources that are
believed to be reliable. However, such information may be incorrect, incomplete, or condensed; Algosun Global Limited does not guarantee its accuracy. The
information contained herein is believed to be accurate in all respects, but no representation or warranty, expressed or implied, as to its fairness, correctness,
accuracy or completeness is made by any party and no reliance may be placed on such information. Nothing contained herein should be relied upon as a promise
or representation as to the future. None of Algosun Global Limited, their respective members, directors, officers, employees, agents or representatives nor any
other person accepts any obligation or responsibility to advise any person of changes in the information set forth herein after the date hereof.
To the extent permitted by law, none of Algosun Global Limited, their respective members, directors, officers, employees, agents, shareholders, partners or
representatives nor any other person accepts any liability whatsoever for any losses howsoever arising from any use of or reliance on this brochure or otherwise
arising in connection therewith. All material contained herein is for discussion purposes only. Final terms and conditions may change without notice and are
subject to further discussions and negotiations. The information contained in this brochure does not identify all the risks associated with the products and
services described herein. The information contained herein may vary significantly from that provided by other sources. None of Algosun Global Limited, their
respective members, directors, officer, employees, shareholders, partners or representatives nor any other person is making or will make any representation to
any prospective investor in the Transaction regarding the legality of an investment by any such person in the Transaction.
23For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED
Contact Us
24
Algosun Global LimitedΑρχ. Μακαρίου ΙΙΙ, 155Floor 3, Office 3023026, Λεμεσός, Κύπρος Cyprus
Phone: 357-25-281873 EMEAPhone: 1-646-350-5486 AmericasEmail: [email protected]
For qualified and well-informed investors only 4 December 2018 © ALGOSUN GLOBAL LIMITED